Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.4343%/8h= +475.6% APRpaid last 24h +0.818%

Price spread now: Paradex against Injective+1.010%99s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$130 a day on $10k at the current rate, and Paradex is 1.010% dearer against Injective than usual: you sell high and buy low: +$101 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4280	−0.4243	get 0.0530% / 1h	11m 33s	$2K	$54K	5.5x
Short	Paradex PENDLE-USD-PERP	2.4525	0.0100	get 0.0100% / 8h	3h 11m	$34K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee ParadexbpOrdersPrice spread, now +1.010%Rate

Funding earned: $912.07
Price spread: +1.010% → 0.000%: $100.96
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $1,009.01
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Paradex: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERPlong	−0.4243%	1h	2.4280	long leg	$2K	$54K	5.5x
Gate PENDLE_USDT	−0.0065%	8h	2.4570	+1.194%	$721K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+1.334%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0050%	8h	2.4527	+1.017%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4516	+0.973%	$158K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0047%	8h	2.4524	+1.006%	$25.9M	$44.5M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4544	+1.087%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	+0.984%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+1.094%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4537	+1.058%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0035%	8h	2.4602	+1.327%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+1.322%	$417K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	+0.888%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4513	+0.959%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4533	+1.040%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4546	+1.096%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4525	+1.010%	$34K	$11K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4530	+1.030%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	+1.030%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4552	+1.120%	$866K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4508	+0.939%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4548	+1.104%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	+0.992%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4540	+1.071%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4549	+1.108%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4542	+1.077%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0279%	1h	2.4580	+1.237%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4610	+1.359%	$150K	$509K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0710%	1h	2.4575	+1.215%	$357K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1185%	1h	2.4577	+1.222%	$115K	$268K	20x	as long as short